ODEM Steps Up Beta Development After €2.2M Raise Beats ICO Pre-Sale Target
CHIASSO, Switzerland, March 5, 2018 /PRNewswire/InfoQuest
ODEM.IO, On-Demand Education Marketplace, is stepping up development of the beta version of its blockchain-based education platform after generating €2.2million (US$2.7million) in its ICO-presale, more than double the projected capital raise.
ODEM, a Swiss technology company that’s employing blockchain, or distributed ledger technology to make international education more accessible and affordable, is also expanding its development team in preparation for the release of its beta version of its education platform in July 2018.
“We’re very excited to deploy our pre-sale proceeds to quicken the pace of beta development,” says Richard Maaghul, ODEM’s Chief Executive Officer. “We now have the team and the resources to show the world we can use blockchain technology to positively disrupt international education.”
The ODEM Platform uses blockchain to coordinate in-person classes and arrangements for professors, lecture halls, flights, hotels, food and media services for international students, managers and corporate executives.
The platform, which counts KPMG Switzerland among its advisors, is shaking up the $6trillion international education industry by streamlining the organization of “in-person” academic courses.
By using blockchain, the encryption system that underlays digital tokens such as Bitcoin and Ethereum, ODEM is empowering students to shape and control their education. Technologically, the platform is rapidly coming together under the leadership of Dr. Adel ElMessiry, ODEM’s Chief Technology Mentor.
“Our ODEM cloud team is hard at work generating the first version of what will be a role-based platform,” says Dr. ElMessiry. “At the same time, our application team has begun assembling all the blockchain aspects of the ODEM system.”
ODEM, which aspires to be the Airbnb of international education, is partnering with Cambridge, Massachusetts-based Excelorators Inc. in the design and rollout of the ODEM Platform. ODEM is currently raising additional capital by selling ODEM Tokens in initial coin offering, or ICO, conducted in accordance with Swiss cryptocurrency guidelines. ODEM has already raised €2.49million (US$3.05million) through the ICO and pre-sale. ODEM Tokens will act as software license for users of the platform.
Excelorators, established in 2012, has existing relationships with more than 200 professors and lecturers who are likely to become early adopters. Over the next 12 months, ODEM and Excelorators expect to generate $10million in sales as they transition Excelorators’ customer base into the beta version of the ODEM platform.
ODEM is continuing to process Know-Your-Customer (KYC) registrations for its public initial coin offering. All participants must show proof of identity before acquiring tokens. Disclosure reflects international guidelines to ensure the legitimacy of funds raised.
KPMG is ODEM’s legal advisor while SICOS (Lux) S.C.S. has provided ODEM with advice and counsel on the crowdsale and its structure.